1 February 2024

• Interim Budget 2024-25: Finance Minister Nirmala Sitharaman presented the Interim Union Budget. Fiscal deficit pegged at 5.1 per cent of GDP.
• International Relations: French President Emmanuel Macron was the chief guest at Republic Day, underscoring the India-France strategic partnership.
• Environment: India's first comprehensive snow leopard survey estimated 718 snow leopards in the wild.
• Governance: The Corruption Perceptions Index placed India at 93rd among 180 countries with a score of 39.

GS area: Economy (Indian Budget, Fiscal Policy)

The Finance Minister presented the Interim Union Budget for 2024-25 in the Lok Sabha. An interim budget is a vote-on-account that seeks Parliament's approval for expenditure for the first four months of the coming financial year. It avoids major policy announcements because a new government will present the full budget after the general election.

• Total expenditure: 47.66 lakh crore rupees, a 6.1 per cent increase over the revised estimate for 2023-24.
• Total receipts: 30.80 lakh crore rupees; tax receipts within that at 26.02 lakh crore.
• Fiscal deficit: 5.1 per cent of GDP for 2024-25, down from the revised estimate of 5.8 per cent in 2023-24. The medium-term target is to bring it below 4.5 per cent by 2025-26.
• Capital expenditure: 11,11,111 crore rupees (3.4 per cent of GDP), an 11 per cent increase. States also continue to receive 50-year interest-free loans for their own capital expenditure, with a total outlay of 1.3 lakh crore.
• Direct tax receipts: Tripled over the last ten years. Income tax return processing time reduced from 93 days in 2013-14 to 10 days now.
• GST: Monthly average collection stands at 1.66 lakh crore rupees.
• Corporate income tax: Rate stands at 22 per cent for existing companies.

The four pillars the budget addresses are Garib (Poor), Mahilayen (Women), Yuva (Youth), and Annadata (Farmers). PM-Jan Dhan direct benefit transfers have reached 34 lakh crore rupees, saving the exchequer 2.7 lakh crore by plugging leakages.

The interim budget also extended the income tax exemption for startups until 31 March 2025 and announced a new scheme for rooftop solarisation targeting one crore households to receive 300 free electricity units monthly.

Static linkage: Indian Economy (budget, fiscal deficit), Parliament (Appropriation Bill, vote-on-account).

GS area: International Relations

French President Emmanuel Macron attended India's 75th Republic Day as the chief guest. The visit produced several concrete deliverables:

• Defence Industrial Roadmap: Joint development of military hardware under India's Atmanirbhar Bharat framework.
• Tata-Airbus collaboration: Production of H125 helicopters in India.
• Safran technology transfer: 100 per cent technology transfer for fighter jet engines.
• India-France-UAE Trilateral: An initiative for Indo-Pacific stability.
• Schengen visa: Five-year multi-entry visas for Indian students and young professionals.
• Bilateral trade: Exceeded 12 billion US dollars in 2021-22. France is the second-largest defence supplier to India and the eleventh-largest foreign investor.
• International Solar Alliance: Founded jointly by India and France, headquartered in Gurugram.

Static linkage: India's foreign policy, Defence (Make in India).

GS area: Environment and Ecology

India released results of the Snow Leopard Population Assessment in India (SPAI), the country's first comprehensive survey. The survey ran for four years across 1,971 camera-trap locations.

• Estimated population: 718 snow leopards, representing approximately 10 to 15 per cent of the global snow leopard population.
• State-wise distribution: Ladakh holds 477, the largest share; Uttarakhand 124; Himachal Pradesh 51; Arunachal Pradesh 36; Sikkim 21; Jammu and Kashmir 9.
• IUCN status: Vulnerable.
• Threats: Human-wildlife conflict, free-ranging domestic dogs, poaching for fur and bones.
• Legal protection: Schedule I of the Wildlife Protection Act 1972; Appendix I of CITES.

Static linkage: Environment (species conservation, protected areas, mountain ecosystems).

GS area: Governance

Transparency International released the Corruption Perceptions Index 2023. The index scores countries on a scale of 0 (highly corrupt) to 100 (very clean).

• India: Ranked 93rd among 180 countries with a score of 39, a one-point decline from the score of 40 in 2022.
• Asia regional leader: Singapore scores 83.
• Global leader: Denmark ranks first.
• Why it matters for prelims: The index measures perceived corruption in the public sector based on expert and business surveys. It is not an official government measure.

Static linkage: Governance (transparency, anti-corruption institutions).

GS area: Science and Technology

Elon Musk's Neuralink announced the first human implant of a wireless brain-computer interface device called Telepathy. The device is surgically implanted in the skull and translates neural signals into digital commands, allowing the user to control phones and computers through thought alone. Potential applications include restoring motor function for paralysed patients.

• Key concerns: Brain surgery carries infection and haemorrhage risks. Privacy, data security, and surveillance are broader concerns when commercial entities hold neural data.
• Regulatory framework: Cleared by the US Food and Drug Administration for human trial.

Static linkage: Science and Technology (emerging technologies, biotechnology, ethics of technology).

GS area: History and Culture

Two tableaux from Republic Day 2024 are prelims-worthy.

• Gujarat: Dhordo in the Rann of Kutch was recognised as the "Best Tourism Village" by the United Nations World Tourism Organization. The tableau also featured Bhunga houses (circular mud structures of the Kutch region) and Garba, which UNESCO declared an intangible cultural heritage of humanity in 2023.
• Tamil Nadu: The tableau depicted the Kudavolai System, a democratic election method practised during the Chola period in the 10th century. Palm leaf tickets (kudam) bearing candidates' names were placed in a pot (kudavolai). A child drew tickets to choose village assembly members. This is one of the earliest known democratic electoral systems in India.

Static linkage: Ancient and Medieval History (Chola administration), Culture (UNESCO heritage).

• Advocate-on-Record: The Supreme Court designated 56 lawyers as Advocates-on-Record and 11 women as senior advocates. An Advocate-on-Record is the only category of advocate who can file documents and appear in the Supreme Court on behalf of a party. They are regulated under Order IV of the Supreme Court Rules.
• Plastic Credit Bond: The World Bank and Citi launched a 100 million dollar bond to finance plastic waste management in Ghana and Indonesia. The bond runs for seven years at a minimum 1.75 per cent interest, with returns linked to plastic credit and carbon credit sales.